The Government has announced that, much like the furlough scheme, the Self-Employment Income Support Scheme (‘SEISS’) would be extended for a second period.
If your business has been adversely affected as a result of COVID-19 on or after 14th July 2020 you will be able to make a claim from 17th August 2020 for the second and final grant.
The date of 14th July 2020 is important, if you have been able to fully return to work and running your business before and/or on this date you would not be eligible for the second grant. The second grant is for businesses still affected on or after this date.
You can make a claim for the second grant, if you’re eligible, even if you did not make a claim for the first grant.
Your eligibility for the 2nd SEISS grant must meet the same criteria as those outlined for the 1st grant:
you must have traded in the tax year 2018/19 and submitted your Self Assessment tax return on or before 23 April 2020;
you must have traded as self-employed in the tax year 2019/20;
you must have all intentions to trade as self-employed in the tax year 2020/21;
your average trading profits must be less than £50,0000;
your trade must have been adversely affected by coronavirus.You can start claiming the second SEISS grant from 17 August 2020.
Like the first SEISS grant, the second SEISS grant will be a taxable one. However, this time, it will be 70% of your average monthly trading profits. It will be paid out in a single instalment, based on a 3-month period of average profits, and will be capped at a maximum of £6,750.
You can start claiming the second SEISS grant from 17 August 2020.